Saudi Prince Says Kingdom Working to Soften Blow of Subsidy Cuts

April 18, 2016 9:37 AM

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Saudi Prince Says Kingdom Working to Soften Blow of Subsidy Cuts

Saudi Arabia will limit the impact of subsidy cuts on its citizens as the world’s largest oil exporter overhauls its economy for the post-oil era, Deputy Crown Prince Mohammed bin Salman said.

The government is developing a mechanism to provide cash to low- and middle-income Saudis who rely on subsidies, Prince Mohammed said in an interview on Thursday at King Salman’s private farm in Diriyah, the original home of the Al Saud royal family. Under the previous system, 70 percent of the subs...

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